1165 Fifth Avenue Corp. v. Alger

This controversy was submitted to the Appellate Division, first department, upon an agreed statement of facts.

Plaintiff, a domestic corporation, owns the land and building at 1165 Fifth avenue in the city of New York. These premises are used as a “ cooperative ” apartment house, in which a person becomes a “ tenant-owner,” entitled to occupy one apartment, by purchasing an appropriate number of shares of plaintiff’s stock and by executing a lease of the particular apartment, for a term of ninety-nine years, which lease requires that the “ tenant-owner ” pay an annual rent of one dollar, plus…